BanBao Co. Ltd. said its normalized net income for the third quarter amounted to 6 fen per share, a decline of 41.7% from 10 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.2 million yuan, a decline of 18.5% from 16.2 million yuan in the year-earlier period.

The normalized profit margin rose to 18.9% from 16.9% in the year-earlier period.

Total revenue decreased 20.6% on an annual basis to 76.4 million yuan from 96.1 million yuan, and total operating expenses decreased 18.7% year over year to 57.8 million yuan from 71.1 million yuan.

Reported net income fell 10.8% year over year to 19.7 million yuan, or 9 fen per share, from 22.1 million yuan, or 14 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.